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Original poster

What would you do about this situation ?

50 replies

Travelplease · 28/02/2023 09:23

We are in our late 50 s early 60s. We have pensions of 2 k a month index linked and 25 k savings. We have no mortgage.
We both work 2 days a week .
We have never been money orientated people and we live rurally and a gentle life mostly with the occasional trip to london or other cities .
the house needs new carpets and we cant really afford them and so other stuff so we leave them !
We are surrounded by v v weatthy people who , despite cost of living crisis they go out several times a week , have second homes etc… and they are , its bot credit , they say so .
It has occurred to us that we are possibly in a vulnerable position when older . We have 25k savings . We only have the house to help the dc out ( and really hope we dont go into care and it has to be sold)

we are un materialistic people and wonder now if we should change our circumstances by working full time and building savings ?

we are a bit like tom on the good life 😂

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Original poster
Travelplease · 28/02/2023 09:24

Sorry i repeated re savings !

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Original poster
Travelplease · 28/02/2023 09:24

Our car is 16 years old . That will need replacing ar some point !

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Chipshopflipshop · 28/02/2023 09:27

Could you sell your house and downsize to bump up your savings pot?
I can imagine that you're in a much better position than a lot of people your age out there.
What is your field of work, would you be high earners?

Dodie66 · 28/02/2023 09:36

It depends on what lifestyle you want. Do you want to be working long hours just to save money. You have the house which like you said could be used for care fees. You have some savings as a back up. I think I would try and earn a bit of extra for things like carpets etc but couldn’t give up living a relaxed lifestyle just to make a lot of money. Maybe get a part time job? Like I said it depends on what lifestyle you want

FirstnameSuesecondnamePerb · 28/02/2023 09:42

Well 2k defined benefit pensions that you are already drawing, plus state pension when you get there seems better than most people. You already made the decision when you took the pension.
£25k savings will seen tiny to some to see you through the rest of your life. Others will never have it.
In your shoes I would want to work more and put it in the savings/future proof the house if you intend to stay there.

Original poster
Travelplease · 28/02/2023 09:53

We would not be high earners no . We are both burnt out from stressful jobs and would not go back to them .
We do jobs that are minimum wage .
maybe we should work extra hours to our two days a week each and build some savings . We cant downsize as ours is the cheapest house in the village . V small cottages Such a a one bed , which are quaint but tiny are more than the price of ours as they get snapped up as second homes . To downsze economically we would need to kove to a new area completely. We know this as it took us ages to be able to get this house as there was only actually two in the village we could buy and be mortgage free.

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Original poster
Travelplease · 28/02/2023 09:55

I am asking because I need to check this out in the ‘ real world
’ not one were people have several homes , new cars, and spend 15 k on hols tyoe of thing / or without any hesitation .

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Original poster
Travelplease · 28/02/2023 09:56

Ie a balanced look at things !

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Quitelikeit · 28/02/2023 10:00

If you bring in 2k a month from pensions then both work 2 days a week surely you are taking home 3k a month?

Where is all that going? You’ve no mortgage, you live frugally and can’t afford carpets or trips out?

Im afraid in my opinion life is for living.

Id be working more in order to do more things etc

Also your home is your castle - why not create a lovely comfortable home?

Can I ask how much the house is worth and are you determined to stay in the same village?

Quitelikeit · 28/02/2023 10:01

New carpets won’t cost more than 1k surely it’s worth digging into your savings for

Original poster
Travelplease · 28/02/2023 10:08

The loft alone wd prob cost 1k ? We need all the rooms doing .

Dont know value . We bought for 260 k just before covid . Maybe 300k at most . Its not a pretty country cottage !

we live in a national park , so all the villages and towns are costly .

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WinterMusings · 28/02/2023 10:09

Like 'IQuiteLikeIt' I'm a bit confused where your £3k a month is going?

I can see why you retired early from stressful jobs, but you seem quite young to only be doing 2 days a week if you're well enough to do more, while you can, to prepare for full time retirement.

personally I'd up the days working while you're able, to make the house comfortable for your retirement & putting some aside for a newer car.

Original poster
Travelplease · 28/02/2023 10:10

We can afford trips out , but rare .
london is £ 200 train , £ 200 hotel , without station parking costs, food, tube or any treats. If we did that regularly we would be in trouble .

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Original poster
Travelplease · 28/02/2023 10:12

Yes , I do think I need more hours . So many here are retired at 50 and well off so I think i need a reality check .
The jobs here are mainly cleaning , agricultural or hospitality .

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Quitelikeit · 28/02/2023 10:12

If the loft costs 1k why not do it up? That’s not much

Do you have debts?

where is your monthly income going?

yes it’s expensive to go to London but you should be able to do it Comfortably a few times a year

I’d definitely up your hours and decorate your home

Quitelikeit · 28/02/2023 10:13

Well in a way it is good re the jobs as it sounds like you can take your pick of what you enjoy the most

Original poster
Travelplease · 28/02/2023 10:14

yes we need to check were the money goes !
we have quite high water rates , netflix, spotify, our pet insurance and medication for old dog is v expensive but we cant change that as she needs meds and good insurance at 15.

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kweeble · 28/02/2023 10:15

I’d have thought you could save from your current income to pay for a car and carpets. I wouldn’t increase your days of work if it’s minimum wage unless you really love working. If you’re used to a second hand car there’s no need to buy new.
You will be in a good position when you get your state pensions too - if you would feel safer with more savings then set aside a monthly amount now so that they build up.
If you want to help your children out it would come at a cost to your financial security so beware. I would want to be free to buy a new boiler in an emergency, pay for private operation if I’m on a long waiting list, choose my own carers, care home etc.

Quitelikeit · 28/02/2023 10:16

How much do you save a month?

Original poster
Travelplease · 28/02/2023 10:16

No we have no debt .
i suppose i am out of touch as 1k sounds a lot to me for a carpet for one room .
and somehow i cant seem to justify it when it feels better in the bank in case adult dc need help or get married etc

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Quitelikeit · 28/02/2023 10:17

Why not make a list of the renovation work required and get quotes

Even if it costs 5k to have your home beautiful then it’s money we’ll spent

Quitelikeit · 28/02/2023 10:18

Oh sorry I thought you meant the whole house!!

one room would cost roughly £300

Original poster
Travelplease · 28/02/2023 10:19

We are just starting to save about 300 or 200 a month . Post covid we went out at least 3 times a week and tourist pubs ( our local) are ££££££.. so it ate away at our income pretty substantially over time !

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Original poster
Travelplease · 28/02/2023 10:20

the last time we had a carpet fitted in old house one room was 600 . Maybe i need to check !

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Quitelikeit · 28/02/2023 10:22

I would recommend using a national chain like Tapi carpets

You can also order your carpet online these days then get your own tradesmen to fit it